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Politics : Ask Michael Burke

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To: accountclosed who wrote (40976)	12/26/1998 5:32:00 PM
From: valueminded	Read Replies (3) of 132070

AR Actually, most of the e-tailers seem to be nothing more than glorified mail order catalogs. Yes it is easier and somewhat less expensive if you do not have to do a bunch of advertising, but in reality, it seems unlikely that you will provoke a big increase in demand, just a shift from some venus to others. Many people(myself included) are inclined to get the information off the web and then phone the order in. Amazon is a good example, even if they took 100% of the book business, they seem overvalued by at least 100%. Historically that business trades at less than 1x sales (poor margins) But everyone knows this which is why the stock still climbs. Once everyone is more complacent and feels the valuation is justified, it would seem a good time to buy some puts. Even then, I refuse to be w/o puts on this stock.

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